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Argo Blockchain Achieves Record Revenue in Third Quarter
The bitcoin miner mined 597 BTC during the quarter.
By Aoyon Ashraf
Updated May 11, 2023, 6:02 p.m. Published Nov 1, 2021, 10:37 p.m.
Argo Blockchain (NASDAQ: ARBK), the London-based bitcoin miner that recently started trading on Nasdaq, achieved record revenue of $26 million in the third quarter, according to its earnings statement.
- The miner had record EBITDA of $26 million for the third quarter and its gross margin was 120%. Meanwhile, its mining margin reached 85% during the quarter. On Oct. 7, the company said it had a gross margin of 145% and mining margin of 86% during August.
- The company holds 1,836 BTC as of Sept. 30 and has a hashrate of 1.075 exahashes per second (EH/s). Argo mined 597 BTC during the quarter.
- Argo expects its previously contracted purchase of 20,000 Bitmain Antminer S19J Pro machines to be delivered starting in the second quarter of 2022, which will bring the company’s total hashrate capacity to approximately 3.7 EH/s.
- “I am proud of the growth we experienced during the quarter and believe Argo is strategically positioned to continue this momentum as we build out our Helios facility in Texas,” CEO Peter Wall said.
- On Oct. 18, five Wall Street firms, including Jefferies and Barclays, initiated research coverage of Argo Blockchain with buy ratings – all of them expecting the company’s Texas crypto mining facility to be a catalyst for the shares to move higher.
- Argo Blockchain is the only crypto miner listed on the London Stock Exchange, and its American depositary shares started trading on the Nasdaq Global Market in September.
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French Banking Giant BPCE to Roll Out Crypto Trading for 2M Retail Clients
The service will allow customers to buy and sell BTC, ETH, SOL, and USDC through a separate digital asset account managed by Hexarq.
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- French banking group BPCE will start offering crypto trading services to 2 million retail customers through its Banque Populaire and Caisse d’Épargne apps, with plans to expand to 12 million customers by 2026.
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